Insurance premiums soar in first 3 quarters, but return on assets remains low

The premium income of Chinese insurers soared in the first three quarters, but their profitability will continue to be under pressure in the low interest rate environment, official data showed on Tuesday.

The Chinese insurance sector report total premium income of 2.52 trillion yuan ($370 billion) in the first three quarters, up by 32.2 percent from a year earlier. The amount exceeded their total premiums from all of last year, according to data from the China Insurance Regulatory Commission.

The insurance regulator said that the industry's profitability will continue to face headwinds as the total profits of the sector are expected to decline by 35.7 percent in the first three quarters.